Renovated Residential Income
For Sale
$595,000
730 24TH STREET NW Unit 420/421, Washington, DC 20037
Two-bedroom cooperative residence with an open layout, private balcony, and access to extensive building amenities.
Property Size1,250 SF
Price / SF$476
Days on Market60
Property Features for 730 24TH STREET NW Unit 420/421
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$214,758
Amenities
24-hour front desk
additional storage
rooftop deck
private balcony
Building Details
Building Size
1,250 SF
Year Built
1961
Listing Agency:
Washington Fine Properties, LLC
Listed By:
Nathan J Guggenheim · License #SP98364671
(202) 333-5905
Source:
Kerishull
Added: Jul 16
Changed: Sep 8
Last Checked: Sep 13 at 10:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Washington Fine Properties, LLC
Investment Insights
Based on property information with market context.
This 1,250-square-foot residential income property combines two bedrooms and two updated bathrooms within a renovated Unit 420/421 at Potomac Plaza Terraces. The redesigned interior uses an open-concept arrangement connecting the kitchen with the living and dining areas, while a private balcony adds outdoor space. The residence was built in 1961.
Potomac Plaza Terraces operates as a full-service cooperative with a 24-hour front desk, resident storage, a rooftop deck offering city views, and rental parking. The property is near the Foggy Bottom Metro, Whole Foods, Trader Joe’s, Equinox, Georgetown, Dupont Circle, the Kennedy Center, the National Mall, and a range of restaurants, cafés, and shops.
Potomac Plaza Terraces operates as a full-service cooperative with a 24-hour front desk, resident storage, a rooftop deck offering city views, and rental parking. The property is near the Foggy Bottom Metro, Whole Foods, Trader Joe’s, Equinox, Georgetown, Dupont Circle, the Kennedy Center, the National Mall, and a range of restaurants, cafés, and shops.
Key Highlights
- 1,250‑square‑foot residence with two bedrooms and two bathrooms
- Renovated open‑concept interior linking the kitchen, living room, and dining area
- Private balcony provides dedicated outdoor space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,769
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,380
$415.4K
Cap Rate 7%
$296,700
$296.7K
Cap Rate 9%
$230,767
$230.8K
Market Conditions
NOI Build-Up for 1,250 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$39.8K $31.80/SF
− Vacancy
−$2.0K −$1.59/SF
EGI
$37.8K $30.21/SF
− OpEx
−$17.0K −$13.59/SF
NOI
$20.8K $16.62/SF
Area
Washington, DC
Vacancy
5.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$415,380
Cap Rate 7%
$296,700
Cap Rate 9%
$230,767
Alternative Uses
Best Use
Apartment 5plus
$296.7K
$259.6K – $346.2K
NOI $20,769 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$643.0K
$562.6K – $750.1K
NOI $45,007 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Explore this area
Business Placement
Demographics for 20037, DC
14,945
Population
8,828
Households
1.7
Avg Household Size
29
Median Age
90%
College-Educated
99%
High-School Grad
0.7 sq mi
ZIP Area
21,350
Density / Sq Mi
$98,917
Median Household Income
$69,480
Median Earnings
$2,420
Median Rent
$743,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom cooperative residence with an open layout, private balcony, and access to extensive building amenities.
Where is this residential income property located?
The property is located at 730 24TH STREET NW Unit 420/421 Washington, DC.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 1,250‑square‑foot residence with two bedrooms and two bathrooms; Renovated open‑concept interior linking the kitchen, living room, and dining area; Private balcony provides dedicated outdoor space
